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News Release from: EC Harris | Subject: MOD project
Edited by the Buildingtalk Editorial
Team on 17 April 2006
EC Harris plays major role in MOD
project
International property consultancy EC Harris has played a leading role in the government's largest serviced Private Finance Initiative (PFI), which has reached financial close.
International property consultancy EC Harris has played a leading role in the government's largest serviced Private Finance Initiative (PFI), which has reached financial close The Allenby/Connaught project will provide living and working accommodation for 18,000 military and civilian personnel in the Salisbury Plain and Aldershot Garrisons
This article was originally published on Buildingtalk on 21 Jan 2005 at 8.00am (UK)
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The project, which reached financial close on March 24, has an expected value of £7bn over 35 years.
EC Harris has been providing technical and investment risk management (TIRM) to the preferred bidder, Aspire Defence, on the project since December 2002 and since February 2004 a team of 14 have worked solely on this project.
Richard Warburton, a Partner in EC Harris' Public Private Finance Consultancy, said: "Aspire Defence required specific TIRM support around the finalisation of their offer through the preferred bidder stage to achieve financial close".
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"The specific TIRM support was required to demonstrate the financial robustness of their offer to the MOD to enhance certainty of performance delivery and to identify and mitigate key project risks".
""Our efforts enabled Aspire to submit a demonstrably robust offer aligned with the expectations of the lender with mitigated performance risks and an enhanced commercial position for both the lenders and Aspire".
The project will create modern and flexible living and working environments for soldiers; including delivery of a wide range of support services - from catering and cleaning, to transport, utilities and stores management".
"The new and refurbished accommodation will also meet the increased demand arising from the army's restructuring as a result of the Strategic Defence Review (SDR)".
"The SDR's has a particular focus on Single Living Accommodation delivering nearly 11,000 "Z" standard (single en suite) bedrooms".
"It also enables the disposal of over £200m of land in the Aldershot area".
"The Allenby/Connaught project will also see: Work on 568 buildings covering an area twice the size of Hyde Park".
"More than 415 buildings will be demolished, there will be 413 new build, and 155 buildings will be refurbished".
"The works are to be undertaken on four garrisons spread across six sites, with a construction period of approx ten years".
"Project Allenby/Connaught is just one of a number of PFI projects we are working with the MOD on which are pivotal to the MOD's 'Defence Vision'".
"Last year the Ministry of Defence Private Finance Unit looked at 29 MOD PFI projects and concluded that these were coming in on time and on budget".
"EC Harris is working on a third of the MOD's accommodation projects and it is this first-hand experience of working with the MOD that is benefiting both parties".
"We are now being seen as an integral part of the team adding real value to the client", added Richard.
Other high-profile TIRM projects that EC Harris are currently working on include the major redevelopment work at Aintree, Epsom and Newmarket race courses on behalf of the Racecourse Holdings Trust, and Arsenal Football Club's new Emirates Stadium.
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